FIIs sell 65 lakh Infosys shares in April-June

CHENNAI: Foreign institutional investors ( FIIs) dumped nearly 6.5 million shares of Infosys between April 1 and June 30, a period when the company’s net profit fell by 1.2% to Rs 2,289 crore compared to preceding quarter , and rose by 33% compared to the corresponding quarter ayear ago.

Stock price of Infosys dropped nearly 12% in the Q1 of the fiscal, when the bellwether sensex was flat with a growth of 0.27%. FIIs, after selling 6.5 million shares (net), held 37.9% of the company as of June 30 as against 39% on March 31 and 37.4% on December 31, 2011, as per the company’s filing with the BSE.

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Promoters’ stake remained unchanged at 16%. “Some amount of dumping has happened in the Infosys counter in the past quarter . Several quarters of poor performance is weighing on the minds of investors. However , the poor performance for this quarter was expected as early as May and the markets knew the company will scale down its guidance,” Ankita Somani, analyst with Angel Broking, said. LIC has become the big bull for Infosys in Q1.

The state insurer added nearly 1.2% to its earlier stake of 4.9%. As of June 30, LIC continued to be the largest shareholder with 6.3% in the company. Cumulatively, the domestic institutional investors raised their stake in the tech titan by 1.7% to 18.3%